Iphone 6 Plus on Device Payment - Trade up for Iphone 7 Plus?

[RobertMaltby]

I have 3 Iphone 6 Plus's on my account and I want to trade them in to get the Iphone 7 plus.  I have ~$110 left before the 75% mark and about $300 left per phone to pay them off..

All 3 phones show the following:

REMAINING PAYMENTS:	8
DUE WITH UPGRADE:	$106.19
DUE FOR PAY OFF:	$318.69

My question is, how can I trade my current phone(s) in to get the iphone 7? I'm looking for the best, most reasonable deal for my situation.

If I pay the $106.19 - I would be able to upgrade but not get the $650 trade in (a realistic trade in credit would be: $650 - $318.69(left on the payment plan) + $106.19 (payment made to get to the 75% mark) = $437.50 - PER PHONE)?

Therefore with this math - I would be paying roughly $18.00 per 128GB Phone (Cost of new phone: $36.24 - $18.23 credit per phone for trade in = $18.01)

If I have to pay $106.19 per phone just to be able to "trade in with no credit" then I'll rather pay the $318.69 per phone and trade them in to get the $650 credit.. I would essentially be paying $200 more per phone upfront to make $450 per phone over 2 years..

[vzw_customer_support]

I want to make sure that you are provided the most accurate information possible. To be able to turn in your current devices for value towards a new device, it would require the device to be fully paid off. If you were to pay off to the minimum to move to a new Device Payment Agreement, you would turn in your current device to which you would not receive value towards the new device. If you are looking to take part in the Trade-In promotion for the iPhone 7, you will have to pay off the remaining balances on each that you are looking to trade in.

HarleyE_VZW
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[rcschnoor · Accepted solution]

RobertMaltby wrote:

If I pay the $106.19 - I would be able to upgrade but not get the $650 trade in (a realistic trade in credit would be: $650 - $318.69(left on the payment plan) + $106.19 (payment made to get to the 75% mark) = $437.50 - PER PHONE)?

Not sure what you mean by this.

If you STILL owe money on the phone(i.e. you don't actually own it) you cannot get any trade in credit. The ONLY way you can get trade in credit is if you have made 100% of the payments on the device. If you make that $106.19 payment in order to pay off 75% of the device, you would be able to trade in that device and pay the FULL amount for the next phone. You do not get ADDITIONAL trade in credit for the device you are returning after paying only 75% of the device cost. So, you wold be paying $870 for the new device. The payments on your new device would be $36.24 with an up front cost of $106.19 to get to the 75% payoff amount of your current device + taxes on the new device.

To get the $650 trade in value, you need to pay off the full balance of the device, so the up front cost would be $318.69 + taxes on the new device and a monthly payment of $9.17.

[RobertMaltby]

What I meant by it was that regardless if I paid the $100 or $300 - i should still get some sort of trade in credit - if I paid the $100 - then they should take the difference that I owed on the payment plan off of my trade in credit..

[daninels]

If only it worked that way. Unfortunately it doesn't work that way; you must OWN the phone (i.e. paid up front for the phone w/ 2 year contract, paid full retail for it orginally, or paid off the phone 100% with the device payment agreement) to get the promotion for the iphone 7/7+. Unfortunately they can't give you anything for a trade on a device that you do not 100% own, they (Verizon) still own it even at 75% paid off. Hope this makes sense.

[rcschnoor]

RobertMaltby wrote:

What I meant by it was that regardless if I paid the $100 or $300 - i should still get some sort of trade in credit - if I paid the $100 - then they should take the difference that I owed on the payment plan off of my trade in credit..

You were in a purchasing agreement to pay full retail price on a phone with payments spread out over 24 months. IF you choose to upgrade before paying off the device in full by returning the device after only paying 75% of the full retail value(in good working order without any physical damage), the trade in credit you are receiving is to not have to pay the remaining amount owed on the device. You will not get any further credit. If you want more credit than that, you would have to pay off the FULL amount owed.

So the "some sort of trade in credit" you will get is that you end up only paying $487.50 on a device you agreed to purchase for $650. You only have to pay $487.50 if you return the device to Verizon and enter into a NEW purchase agreement for a new phone. That "some sort of trade in credit" you are receiving is that you do not have to pay the $162.50 you still owe on the device.

[rcschnoor]

RobertMaltby wrote:

What I meant by it was that regardless if I paid the $100 or $300 - i should still get some sort of trade in credit - if I paid the $100 - then they should take the difference that I owed on the payment plan off of my trade in credit..

Furthermore, even if you pay off the phone in full, you would only get UP TO $650 in trade in credit. This is a MONTHLY credit towards the monthly payments on  your new phone. IF you upgrade early by trading your phone in again, those credits would stop. So if you end up trading in your device for a new iPhone in 1 yr after paying off only 50%, you would have only received $325 trade in credit to date and the credit would then stop. You would THEN be starting over with a new iPhone with full payments. Basically you are paying 50% of the full retail price to borrow a phone for 1 yr and the phone must be returned in good working order without any physical damage or you are liable for the remaining payments.